President Trump Signs Paycheck Protection Flexibility Act

President Trump signs paycheck protection flexibility act

President Trump Signs Paycheck Protection Flexibility Act

The President authorized the Paycheck Protection Flexibility Act on June 5th after it was passed by the House on May 28th with only one dissenting vote and passed unanimously by the Senate on June 3rd.  This act changes provisions surrounding loan forgiveness through the Paycheck Protection Program (PPP).

Highlights of this act include changing the time recipients have to spend their PPP loan proceeds, decreasing the amount that needs to be spent on payroll for forgiveness, extending worker and wage deadlines, and more.

Below are major details of the act that employers who have received PPP loans may find pertinent:

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